Share count
747Mpeak FY2022
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IRS, IRSA Investments and Representations Inc.
IRSA is an Argentine real estate company. It owns and rents out shopping malls and other commercial property, and it develops and sells real estate, including housing. Its money comes from rent paid by tenants, from selling developed property, and from changes in the appraised value of the buildings it holds.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
ARS 468.5B
+2.3% YoY · 68% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue ARS 468.5B 5-yr avg ARS 338.4B
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- The franchise question is whether these malls are places retailers must be in; the test of pricing power is whether rents hold and space stays leased without giving ground, and the filing itself warns the Argentine property business is fragmented, cheap to enter, and short on barriers. Because the buildings are carried at appraised value and the leases run in pesos, the owner is long Argentina — inflation, the peso, and local demand move the result more than management can. It is also a borrower whose notes carry covenants that constrain it, and it can issue shares to fund acquisitions and projects, so the bad case is a leveraged property book repriced down in real terms. Watch what each property earns after inflation and what it costs to hold; the figures are in the record below.
- Is it a good business?
- Return on equity has hovered around the cost of equity (median 12%, above 12% in 5 of 10 years). A mortgage REIT lives on the spread between what its mortgages earn and what its borrowing costs, levered many times over; weigh the worst rate and credit years in the record, not the average, and read the 10-K.
Drafted from the company's filings and reviewed by hand; every number is shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| ARS 12.9B | ARS 59.7B | ARS 78.2B | ARS 28.0B | ARS 34.9B | ARS 45.9B | ARS 257.0B | ARS 462.5B | ARS 458.1B | ARS 468.5B | ARS 468.5B | RevenueRevenue |
| (ARS 1.7B) | (ARS 12.1B) | (ARS 17.2B) | (ARS 6.8B) | (ARS 14.0B) | (ARS 23.4B) | (ARS 62.7B) | (ARS 58.6B) | (ARS 9.0B) | (ARS 33.0B) | (ARS 33.0B) | Net interest incomeNet int. |
| ARS 72M | ARS 89M | ARS 209M | ARS 21M | ARS 34M | ARS 559M | ARS 3.3B | ARS 6.1B | ARS 7.9B | ARS 10.3B | ARS 10.3B | Noninterest incomeFee inc. |
| ARS 9.5B | (ARS 1.1B) | ARS 21.0B | (ARS 55.0B) | ARS 35.1B | (ARS 105.8B) | ARS 276.7B | ARS 312.1B | (ARS 40.6B) | ARS 195.2B | ARS 195.2B | Net incomeNet inc. |
| 40% | — | — | — | 32% | — | 7% | — | — | 19% | 19% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| — | -0.5% | 4.0% | -8.1% | 3.7% | -29.0% | 34.4% | 11.8% | -1.3% | 5.8% | 5.8% | Return on assetsROA |
| 11% | -4% | 34% | -120% | 41% | -104% | 81% | 23% | -3% | 12% | 12% | Return on equityROE |
| 10% | −5% | 30% | −133% | 34% | −106% | 80% | 13% | −18% | — | 12% | Retained to equityRetained/eq |
| 11% | -8% | 71% | -272% | 80% | -109% | 83% | 24% | -3% | 13% | 13% | Return on tangible equityROTCE |
| Balance sheet | |||||||||||
| — | ARS 231.2B | ARS 526.9B | ARS 678.4B | ARS 942.1B | ARS 365.3B | ARS 803.7B | ARS 2.64T | ARS 3.13T | ARS 3.36T | ARS 3.36T | Total assetsAssets |
| — | ARS 12.4B | ARS 12.3B | — | — | — | — | — | — | — | ARS 12.3B | GoodwillGoodwill |
| ARS 89.2B | ARS 25.9B | ARS 61.3B | ARS 45.8B | ARS 85.8B | ARS 101.4B | ARS 342.5B | ARS 1.36T | ARS 1.50T | ARS 1.58T | ARS 1.58T | Shareholders’ equityEquity |
| Per share | |||||||||||
| 1K | 1K | 1K | 575M | 575M | 550M | 757M | 748M | 742M | 747M | 1K | Shares out (diluted)Shares |
| ARS 16580869.57 | ARS -1947826.09 | ARS 36603478.26 | ARS -95.63 | ARS 61.04 | ARS -192.36 | ARS 365.58 | ARS 417.18 | ARS -54.73 | ARS 261.29 | ARS 261287817.94 | EPS (diluted)EPS |
| ARS 1069565.22 | ARS 255652.17 | ARS 4483478.26 | ARS 10.33 | ARS 9.78 | ARS 2.16 | ARS 1.87 | ARS 182.32 | ARS 302.97 | — | ARS 3451137.88 | Dividends / shareDiv/sh |
| ARS 155059130.43 | ARS 44980869.57 | ARS 106667826.09 | ARS 79.73 | ARS 149.23 | ARS 184.35 | ARS 452.39 | ARS 1812.67 | ARS 2026.75 | ARS 2112.19 | ARS 2112187416.33 | Book value / shareBVPS |
| ARS 155059130.43 | ARS 23405217.39 | ARS 51735652.17 | ARS 35.20 | ARS 76.65 | ARS 177.20 | ARS 442.76 | ARS 1773.21 | ARS 1905.38 | ARS 2087.92 | ARS 2071456492.64 | Tangible book / shareTBVPS |
The diluted share count moved ×1000000 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/1000000 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | −68.8%/yr | +59.6%/yr |
| Owner earnings / share | −93.3%/yr (5-yr) | −93.3%/yr |
| EPS | −70.7%/yr | +33.8%/yr |
| Dividends / share | −64.0%/yr (8-yr) | +96.5%/yr |
| Capital spending / share | −94.2%/yr (5-yr) | −94.2%/yr |
| Book value / share | −71.2%/yr | +69.9%/yr |
The record, charted
FY2016–2025Each measure over its full record; the current point and the worst year marked.
Revenue
ARS 468.5Blow FY2016
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Is it a good business?
- Return on equity 12%AdequateNet income ARS 195.2B ÷ equity ARS 1.58TIndustry peers: median 10%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- SolidNet income ÷ (equity − goodwill ARS 12.3B − intangibles ARS 18.1B)Industry peers: median 13%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough dataIndustry peers: median 64%
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 46.9%Well capitalizedEquity ARS 1.58T ÷ assets ARS 3.36T
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Borrowed against bookAssets ARS 3.36T ÷ equity ARS 1.58T
What this means
A mortgage REIT finances a pool of mortgages with borrowed money — mostly short-term repo, which sits in liabilities rather than as tagged debt — so its true leverage is the whole balance sheet against the owners' equity, not just labeled debt. That leverage magnifies both the spread it earns and the loss when rates or credit move against it; read it beside the book value, the question being whether the spread compensated for the leverage through a cycle.
- Credit cost —Not enough data
What this means
Provision or net interest income missing.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsARS 562.8B
- Cash & short-term investmentsARS 395.6B
- ReceivablesARS 130.0B
- InventoryARS 1.2B
- Other current assetsARS 36.0B
Current liabilitiesARS 338.8B
- Debt due within a yearARS 137.3B
- Accounts payableARS 120.9B
- Other current liabilitiesARS 80.6B
Current ratio1.66×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.66×stricter: inventory excluded
Cash ratio1.17×strictest: cash alone against what's due
Working capitalARS 224.0Bthe cushion left after near-term bills
Debt due this year vs. cashARS 137.3B due · ARS 395.6B cash
covered by cash on hand, no refinancing forced · both figures from the Jun 30, 2025 balance sheet
Deeper floors
Tangible book valueARS 1.55Tequity stripped of goodwill & intangibles
Net current asset value(ARS 1.13T)Graham's net-net: current assets less all liabilities
Debt incl. operating leasesARS 655.5BARS 8.4B of it operating leases
From the company's latest filing.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (reit / real estate), compared on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| IRSIRSA Investments and Representations Inc. | ARS 468.5B | 12% | 12% | — | -2.2% |
| JPMJPMorgan Chase & Co. | $182.4B | 13% | 16% | 57% | 2.0% |
| BACBank of America Corp. | $113.1B | 10% | 13% | 64% | 1.8% |
| CCitigroup Inc. | $85.2B | 7% | 8% | 62% | 2.3% |
| WFCWells Fargo & Co. | $83.7B | 11% | 13% | 67% | 2.5% |
| GSGoldman Sachs Group Inc. (The) | $58.3B | 10% | 10% | 65% | 0.4% |
| COFCapital One Financial Corporation | $53.4B | 8% | 12% | 54% | 6.0% |
| AXPAmerican Express Company | $72.2B | 30% | 35% | 73% | 4.3% |
| Group median | — | 10% | 12% | — | 2.2% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter the home-market price, not the US ADR quote. IRSA Investments and Representations Inc. reports in ARS, and every figure here (owner earnings, book value, the share count) is on that ARS, ordinary-share basis. Enter the price on the same basis: the local-exchange quote per ordinary share in ARS. A US ADR price in dollars bundles the ADR-to-ordinary ratio and the exchange rate, so it will not reconcile with these figures and would throw the multiple off.
A mortgage REIT is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what IRSA Investments and Representations Inc.’s record justifies.
ARS
The assumptions
Tangible book / share, delivered60%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A mortgage REIT earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a mortgage REIT.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity12%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book ARS 1.55T on 0M shares, a 12% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the mortgage REIT keeps earning that return; a rate shock, a spread that compresses or a credit cycle changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "IRSA Investments and Representations Inc. (IRS), the owner's record," https://ownerscorecard.com/c/IRS, data as of 2026-07-09.
Manual order: ← IQ its page in the Manual ITRG →
Industry order: ← INVH the Real Estate Development & Services chapter JLL →